PPF Account: Currently, there is 7.1 percent interest on PPF account, which is more than inflation. You can open PPF account in any bank or post office.
Public Provident Fund or PPF account is seen as a tax saving investment which is completely risk free. It is one of the small savings schemes supported by the central government which gives higher profits in the long term. Currently, there is 7.1 percent interest on PPF account, which is more than inflation. You can open PPF account in any bank or post office. The advantage of opening a PPF account in the post office is that there is sovereign guarantee on the interest earned in it, which makes it more secure than the bank’s interest.
Investing in PPF is not only safe, but also offers the full benefit of tax exemption. There is little risk in this for investors. Since investment in PPF is completely protected by the government, it is completely risk free. The central government revises the interest rate on PPF account every quarter.
Get these benefits
PPF provides tax benefits under Section 80C of the Income Tax Act. In this, deduction of up to Rs 1.5 lakh can be taken on the amount invested in the scheme. Both the interest and maturity amount earned in PPF are tax deductible.
The PPF account tenure is 15 years old. After this, you can apply it every 5 years to increase it further. And they can choose whether they want to continue the contribution or not. PPF account holders can submit the form to pursue it for the 15th year. If a person opens a PPF account at 30 years, then he can operate his account for the next 30 years after doing 5 years.
1.1 crores will be received like this
According to the PPF calculator, if a person deposits Rs 300 daily or Rs 9,000 every month in a PPF account, then after 15 years, he will get Rs 29,29,111. If he advances the PPF account for every next 15 years, he will get Rs 1.11 crore.
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